Quote:
Originally Posted by jjk113
.........I'm just curious, are there any estimates for what percent of these super-tall towers will actually be occupied year round (or most of the year) ?
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I've visited the sales offices of three of these beautiful new supertall buildings and the average rate of owner-occupied apartments is around 60% SO FAR.
The agents were very apprehensive in handing out such figures as they can change rapidly IF the high-end market increases significantly.
HOWEVER, during our conversation when they were more relaxed and sure I was going to purchase one of their offerings, two of the four agents I spoke to (a number of times now in the recent two months) stated some fear that not only they feel as sales agents, but the developers are currently walking on egg shells......very proud of their game changing buildings but fearful there will be a minuscule amount of people who would even THINK of spending tens of millions of dollars on these units. I predict well over 2/3 of each of the top five buildings will remain unsold for years after completion.
I believe the penthouse of Trump Tower in Chicago.....the 15,000 sq ft floor through unit is STILL on the market some seven years since it was first released to the public.
Personally, I am afraid of a SERIOUS new unit crash due to outrageously, ridiculously overpriced offerings at less than stellar finishes. All it will take are two or three buildings to plunge this segment of the market right down the toilet.
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